If cash is over, it is entered in the Other Account Credit column of the cash receipts journal and the figure is circled.
Correct Answer:
Verified
Q2: In a firm that has a good
Q4: The entry to record the issuance of
Q6: Purchases Discounts is a contra cost of
Q8: The monthly bank statement should be received
Q9: A strong system of internal control requires
Q12: The individual amounts in the Sales Credit
Q12: If the amount of cash available for
Q13: Amounts that appear in the Other Accounts
Q18: After a multicolumn special journal such as
Q20: Cash Short or Over is an expense
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents